Florida Welcomes Eight New Home Insurance Companies
Big changes are coming to Florida’s home insurance market! Eight new companies have been approved to offer homeowners insurance policies in the state starting in 2024. This is welcome news for anyone feeling the pinch of rising premiums and a challenging insurance market.
Florida is working hard to create more competition by introducing legislative reforms that encourage insurers to expand their footprint in the state. These efforts aim to stabilize the property insurance market, leaving many homeowners struggling with high costs and limited options.
Here are the new companies joining the market:
- Ovation Home Insurance Exchange
- Manatee Insurance Exchange
- Condo Owners Reciprocal Exchange
- Orange Insurance Exchange
- Orion180 Select Insurance Company
- Orion180 Insurance Company
- Mainsail Insurance Company
- Tailrow Insurance Companies
Adding new companies in Florida builds on progress made earlier in the year, with six other insurers entering the market. Once all these companies are operational, their policies will be available through your trusted local independent insurance agents.
What This Means for Homeowners
For Florida homeowners, this is a step in the right direction. More competition could eventually mean better prices and options for coverage. But it’s essential to remember that these benefits might take some time to materialize fully. Until these companies operate across the state, many people—especially those in South Florida—might not see an immediate difference.
In the meantime, home insurance premiums are still rising, with an average increase of 7% expected this year. That’s why staying on top of your policy is more important than ever, comparing your options and making informed decisions.
Our Perspective
We get it—dealing with rising costs and limited options can be exhausting. Even though new insurers are entering the market, navigating Florida’s insurance landscape can still feel like a headache. That’s where an independent agency can help. At Augustyniajk Insurance, we work with over 32 insurance companies, giving you more choices to find the best coverage and rates. Including some of the new insurers,
Our job is to make things easier for you. We’ll help you determine your options, find the right coverage for your needs, and work to keep your costs under control. Whether you’re looking for a new policy or need advice, we’re here to help.
Florida’s insurance market won’t stabilize overnight, but you don’t have to face it alone. We’re here to guide you every step of the way and help you protect what matters most.
What This Means for Homeowners
For Florida homeowners, this is a step in the right direction. More competition could eventually mean better prices and coverage options. But it’s important to remember that these benefits might take some time. Until these companies fully operate across the state, many people—especially those in South Florida—might not see an immediate difference.
In the meantime, home insurance premiums are still rising, with an average increase of 7% expected this year. That’s why it's more important than ever to keep track of your policy, compare your options, and make informed decisions.
Our Perspective
At Augustyniak Insurance, we know how frustrating rising costs and limited choices can be. While adding new insurers brings hope, we understand that navigating Florida’s insurance market can still feel overwhelming. That’s where we come in.
We’re here to help you make sense of your options, find the best coverage for your needs, and manage costs as effectively as possible. Whether you’re shopping for a new policy or just need guidance, we’ve got your back.
The road to a fully stable insurance market won’t happen overnight, but you can count on us to be with you every step of the way. Let us help you protect what matters most.